Friday, March 13, 2009

Curtis publishes Alert on the Stop Tax Haven Abuse Act, which analyzes the impact on investment funds of tax havens and foreign secrecy laws. The Stop Tax Haven Abuse Act comes on the heels of the tax proposals in President Obama's 2010 budget plan which proposed to tax carried interest as ordinary income. The bill includes several harsh tax treatments, including taxing certain foreign corporations managed and controlled in the U.S. as domestic corporations, and requiring withholding tax on dividend substitute payments from swaps and other derivatives. The bill, expanded from the prior legislation cosponsored by then Senator Obama in the Senate and then Congressman Emanuel, has been endorsed by Treasury Secretary Geithner and is expected to be a top priority in Congress.

The Banks Committee of the Connecticut General Assembly voted on March 10, 2009 to pass "An Act Concerning Hedge Funds" that would, among other changes, increase the minimum financial qualifications for investors in private funds to at least $2.5 million for individual investors and at least $5 million for institutional investors in "investment assets" which include any security, real estate held for investment purposes, bank deposits, cash and cash equivalents, commodity interests held for investment purposes and such other forms of investment assets as may be established by the Banking Commissioner. If passed by the Connecticut General Assembly, the bill may become effective as early as October 1, 2009.

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Curtis, Mallet-Prevost, Colt & Mosle LLP is a leading international law firm. Headquartered in New York, Curtis has 16 offices in the United States, Latin America, Europe, the Middle East and Central and East Asia. The firm represents a wide range of clients, including multinational corporations and financial institutions, governments and state-owned companies, money managers, sovereign wealth funds, family owned businesses, individuals and entrepreneurs. Curtis has a worldwide practice that includes corporate law, banking and finance, capital markets, private equity, mergers and acquisitions, project finance and infrastructure development, investment management, restructuring and insolvency, litigation, international arbitration, taxation and real estate. The firm’s international orientation has been a hallmark of its practice for nearly two centuries. For more information about Curtis, please visit http://www.curtis.com/

Curtis’ International Funds Group has been counseling investment managers and investors on a global scale for close to half a century. We develop tailored structures for the international investment community, in particular in the area of private equity and hedge funds. Our clients include financial institutions, domestic and international fund managers, their sponsors and principals, including Funds of Funds, pension plans, governmental and quasi-governmental institutions, Sovereign Wealth Funds, high net worth individuals, their family offices and other institutional asset managers and investors.

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